Consideration

Definition

  • Something promised, given, or done that has the effect of making an agreement a legally enforceable contract.

Synonyms
subject to, promised, remuneration, perk, taken into account

Related Terms and Acronyms

  • Forfeiture Definition,
    • Loss of property because of violation of law or contract.
  • Letter of Intent Definition,
    • A formal notification that a buyer intends to buy property. It is not legally enforceable.
  • Modification Definition,
    • A change in terms of the loan agreement.
  • Valuable Consideration Definition,
    • The granting of some beneficial right, interest, profit, or suffering of some detrimental forbearance, loss or default by one party in exchange for the performance of another.
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